01797cam a22002657 4500001000600000003000500006005001700011008004100028100002200069245013100091260006600222490004100288500001800329520066000347530006101007538007201068538003601140690006501176690007701241700002201318710004201340830007601382856003701458856003601495w5313NBER20171213220255.0171213s1995 mau||||fs|||| 000 0 eng d1 aRoubini, Nouriel.10aLiquidity Models in Open Economiesh[electronic resource]:bTheory and Empirical Evidence /cNouriel Roubini, Vittorio Grilli. aCambridge, Mass.bNational Bureau of Economic Researchc1995.1 aNBER working paper seriesvno. w5313 aOctober 1995.3 aThis paper presents an overview of recent theoretical and empirical research on 'liquidity models' in open economies; this is a class of optimizing models where money has effects on real asset prices and economic activity without relying on the 'ad-hoc' assumption of price/wage stickiness. The non-neutrality of money derives from a temporary segmentation between goods and asset markets. After surveying the theoretical literature on liquidity models, we present empirical evidence based on VAR econometric techniques for the seven major industrial countries. Such evidence is shown to be consistent with the main implications of the liquidity models. aHardcopy version available to institutional subscribers. aSystem requirements: Adobe [Acrobat] Reader required for PDF files. aMode of access: World Wide Web. 7aE52 - Monetary Policy2Journal of Economic Literature class. 7aF41 - Open Economy Macroeconomics2Journal of Economic Literature class.1 aGrilli, Vittorio.2 aNational Bureau of Economic Research. 0aWorking Paper Series (National Bureau of Economic Research)vno. w5313.4 uhttp://www.nber.org/papers/w531341uhttp://dx.doi.org/10.3386/w5313